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    TMS   AU0000142945

TENNANT MINERALS NL

(TMS)
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Blina Minerals NL Executes Binding Deed of Sale with Kalgoorlie Mine Management Pty Ltd in Relation to Acquisition of Remaining 50% Interest in Colour Minerals Pty Ltd

01/25/2021 | 01:35am EDT

Blina Minerals NL announced that the company has executed a binding Deed of Sale with Kalgoorlie Mine Management Pty Ltd. (KMM) in relation to the acquisition of the remaining 50% interest in Colour Minerals Pty Ltd. (CMPL), the 100% owner of the Barkly-Babbler Copper-Gold Project located in the Northern Territory, Australia. The remaining 50% interest is being acquired from KMM for proposed total consideration of 100 million shares (on a post-consolidation basis) and the issue of 50 million options (on a post-consolidation basis) exercisable at $0.03 per option (on a post-Consolidation basis) expiring 3 years from the date of issue. The completion of this acquisition will mean that BDI will own 100% of CMPL. The Barkly Project is located approximately 45km east of the town of Tennant Creek in the Northern Territory and comprises two Exploration Licences, being EL 28620 (Barkly Project) and EL 30701 (Babbler Project) located in central Northern Territory, south of the Barkly Highway. The Barkly Project comprises two granted Exploration Licences EL28620 and EL30701. The Barkly Project is considered highly prospective for magnetite hosted gold- copper similar to other deposits found elsewhere in the Tennant Creek Goldfield. The current exploration focus of the Company is the Barkly Project. EL28620 was formerly subject to a farm-in Joint Venture Agreement between Colour Mineral's Pty Ltd. and Meteoric Resources NL with Colour holding a 70% interest. In 2019, Colour Minerals acquired Meteoric's 30% interest in EL28620 after which Blina Resources NL executed a legally binding heads of agreement to acquire a 50% interest in Colour Minerals. EL30701 was previously held by Meteoric Resources. In 2019, Colour Minerals acquired Meteoric's interest after which Blina Resources NL executed a legally binding heads of agreement to acquire a 50% interest in Colour Minerals. Ground magnetic and gravity surveys followed by soil geochemistry focussed attention on the Bluebird prospect which is a small outcropping ironstone body pitted by historic mining and prospecting. RAB drilling programs were conducted in 2005 and 2006 intersecting hematite ironstone and hematite-chlorite alteration over a 600m strike length with anomalous copper, gold and bismuth. RC and diamond drilling programs were conducted between 2014-2016 by Blaze International Exploration1. Significant intersections include: 20m @ 8.17g/t Au from 157m in BBDD0021 and 16m @ 3.02% Cu, 0.65g/t Au from 139m in BBDD0041.


© S&P Capital IQ 2021
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Financials
Sales 2021 - - -
Net income 2021 -2,78 M -2,07 M -2,07 M
Net cash 2021 1,46 M 1,09 M 1,09 M
P/E ratio 2021 -1,53x
Yield 2021 -
Capitalization 11,2 M 8,35 M 8,34 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 45,8%
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Managers and Directors
Matthew William Driscoll Non-Executive Chairman
Gino D'Anna Independent Non-Executive Director
Neville John Bassett Independent Non-Executive Director
Michael Ernest Scivolo Independent Non-Executive Director
Stuart Douglas Usher Secretary
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